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Published byLaura Lang Modified over 9 years ago
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More than a car! Jeffrey E. Faulkner President
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Overview of Ways to Work ® Lender of last resort for working poor families A hand-up, not a handout The loan is our tool, The car is the carrot Cars as earning assets Financial real world, but... Clients move on (without WtW)
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Scale and Scope Nationwide network of loan offices 55 offices in 25 states today Gaining economic scale About 1,500 car loans worth about $5M in 2005 Significant impact over time Since ’96, nearly $21M loaned to >10,000 families with a repayment rate exceeding 86%
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Key Employment Outcomes Car helped >90% of borrowers maintain or improve employment Nearly 2/3 cited a reduced tardiness or days missed at work or in job training About half link their ability to complete education programs to car ownership
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Net Earnings Outcomes Net income (take-home pay) increased by an average of 41% About 3/4 of participants reported higher income after receiving their car loan 82% of borrowers who once received public cash assistance sustain themselves without these payments after receiving their car loan
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Quality of Life Nearly 80% of parents of young children were able to upgrade their daycare situation because of the car Car enhanced ability of >95% of borrowers to get kids to school on time and better access to extracurricular activities and medical care About 90% found that the car gave them more time with friends / family, for work around the home, and enhanced their ability to attend church or take a vacation
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